Transportation equipment alone was responsible for $58.3 billion worth of orders. Overall, orders spiked 12.1% in 2011 after rising 12.9% the year before. The $5.36-trillion total is just under the $5.44-trillion record set in 2008.

Some of the growth stems from investment tax breaks that expired at the end of 2011. Much of the rest is likely a result of companies trying to update or replace aging equipment.

The Institute of Supply Management’s index of factory activity grew to 54.1 last month from 53.1 in December – the fastest pace in seven months. The measure has been in expansion mode – any reading above 50 – for 2.5 years.